UMB Financial powers Web banking with Bottomline Technologies
30 June 2006 | 2224 views | 0
Source: Bottomline Technologies
Bottomline Technologies (NASDAQ: EPAY), a leading provider of payments and invoice automation software and services, today announced that UMB Financial Corporation (NASDAQ: UMBF) has launched a new online business banking service leveraging multiple components of Bottomline's WebSeries Enterprise Payments Platform.
Based on patented technology, Bottomline's modular Enterprise Payments Platform combines sophisticated workflow capabilities for Straight-Through Processing (STP) and data integration to allow organizations to leverage a single Web-based interface for originating, processing and reporting on all types of payments. In choosing to incorporate modules for ACH, Global Information Reporting and Check Management into its new Web Exchange service, UMB has established a technology foundation from which it can quickly develop and deliver to customers innovative treasury management products. As the payments landscape undergoes rapid change, speed-to-market for new products will be an important success factor for banks seeking to retain and capture new clients.
"Web Exchange is part of a multi-million dollar investment on the part of UMB to develop next-generation products and services for our corporate clients," said Terry D'Amore, Executive Vice President of UMB Treasury Management. "As a strategic partner, Bottomline has delivered the functionality and intimate knowledge of the payments industry we required to make this portion of the initiative a success. We're in a stronger position to service our existing customers and compete for new customers."
Fueled by their own competitive and regulatory pressures, corporate customers are increasingly seeking products and services that will facilitate faster transactions and offer better visibility into cash flow. Through access to UMB's Web Exchange, customers can streamline transaction processes with instantaneous account transfers online, generate highly customized payment status reports in real-time for more informed business decisions, and take advantage of new self-administered security controls.
"Web Exchange represents a progressive, forward-thinking approach to customer service that will help businesses to meet the challenges of the changing payments landscape," said Joe Mullen, CEO of Bottomline Technologies. "Supported by our configurable and modular payments platform, banks such as UMB and other financial institutions can put in place the payments infrastructure necessary to deliver greater value to customers and expand their market leadership."